Case Study On Types Of Knowledge Necessary Throughout Growth Of A New Venture
Resource-based theory terms knowledge as a resource that is useful in conferring a competitive advantage as well as enhancing the potential for business sustainability. Thus, all businesses should have an extensive pool of knowledge ranging from market and product understanding to business and supply chain and organizational understanding. In addition, the manner in which a business gathers, exploits and shares the knowledge is central to its growth and development. In that view and reference to the Helax Case study, this discussion presents a summary of the knowledge necessary for the new venture’s growth.
Helax startup has been demonstrated to have been driven by the technical knowledge and experience that its founders had. However, as the business grew, and the founders sought to commercialize it; there were a number of limitations including lack of capital, limited understanding of the supply chain management as well as market understanding (Sami, Kaisu, Olli & Kalevi, 2009). In that respect, the growth of the new venture requires more knowledge on marketing and business management that could help effective commercialization of the system that has been mainly driven by technical knowledge. Such knowledge can be summarized as follows.
Market and Competitor knowledge: Understanding of the market would be crucial in enhancing the venture and the product’s functionalities as a means of serving specific market needs. In addition, market knowledge would enhance planning for production as well as product development in view of the competitors operations hence enhancing its competitive advantage (Brennan & Garvey, 2009).
Institutional knowledge: The institution’s operations have been mainly carried out by the technical experts with limited business and market understanding. In that respect, it has focused on the technical aspect of the product and less on business and organizational development that could enhance its capabilities in partnering with the relevant stakeholders as well as in managing the product’s commercialization. Thus, the venture requires knowledge of organizational operations that could be achieved by recruiting people with business background and experience (Sami et al., 2009).
Financial sources knowledge: its finances have limited the business expansion that even resulted to some of the partners leaving the venture. That was a result of lack of knowledge on finances sources that could have enhanced funding the product development. In that respect, future growth requires knowledge of types of finance sources that the business can utilize to fund its operations and product development (Brennan & Garvey, 2009).
Supply chain management: The business has a need for operations such as outsourcing as well as partnering with suitable suppliers, as well as distributors. In that respect, it requires supply chain management knowledge that could help enhance the business system performance as well as efficiency in commercializing the product and in venturing into new markets (Sami et al., 2009).
The case indicates that the new venture followed a strategy mainly based on technical knowledge and limited in business, organization, finances and supply chain management. Thus, the future growth has been identified to be in need of knowledge such as market and competitors’ knowledge, institutional knowledge, financial sources knowledge and supply chain management. That knowledge would be useful in developing necessary organizational capabilities, market and competitors understanding as well as a means of raising finance in addition to enhancing the supply chain performance and efficiency.
Brennan, L., & Garvey, D. (2009). The role of knowledge in internationalization. Research in International Business and Finance, 23(2), 120–133.
Sami, S., Kaisu P., Olli, K., & Kalevi, K. (2009). A knowledge‐based view of growth in new ventures. European Business Review, 21(6), 531- 546.
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